Selling a Condo in Calgary?
Be prepared to have the documents ready for when a buyer makes an offer. Be warned there is a cost associated with obtaining many of these items from a managment company. Price might range anywhere from $200-$300. This fee is at the expense of the seller so be mindful of your bottom line as you are negotiating your offer to purchase.
Here is a list of the items required in context of the way it is written in a Condominium Resale Purchase Contract:
- Copy of registered condominium plan
- Copy of the Condominium Corporation’s current bylaws
- Copy of the Condominium Corporation’s current financial statement, most recent annual financial statement and annual report
- Copy of current annual budget and
- A Statement setting out the amount of the monthly contributions (condo fees) and the basis on which that was determined
- Copy of the minutes of the most recent general meeting of the Condominium Corporation
- Condominium board of directors minutes for the past 12 months
- Copy of any special resolution being circulated
- Copy of the insurance certificate
- Copy of any lease agreement or exclusive use agreement with respect to the possession of a portion of the Common Property, including a parking stall or storage unit
- Copy of any management agreement
- Copy of any recreational agreement
- Details of any structural deficiencies in the condominium complex
- A statement setting out the amount of the capital reserve fund
- Copy of the reserve fund study
- Copy of the reserve fund report
- Copy of the reserve fund plan
- The particulars of any post tension cables that are located anywhere on or within the Property that is included in the condominium plan
- Percentage of owner occupancy in the complex
- Details of any contributions due and payable in respect of a unit
- Details of any contributions already levied but which will only become effective after the Completion Day
- Details of any actions commenced against the Corporation
- Details of any unsatisfied judgment or outstanding court order against the Corporation
- Details of any written demand upon the Corporation for payment of an amount in excess of $5,000.
- Any other relevant details
From my perspective many if not most of the inner city suites we encounter would be technically illegal. I recently received this note from CREB;
The Business Practices Issues article dated July 30, 2010, explained the necessity of clearly disclosing whether a suite is legal. The use of terms such as “Non-Conforming”, “Mortgage Helper” or “Mother-In-Law Suite” could lead a Buyer to believe that the suite is legal.
In my experience many if not most of the suites in Calgary’s inner city could be termed illegal. This video post is more a general observation about this situation and as an agent we get constant reminders about being very cautious with the way we describe a property.